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Arctic LNG 2 Capex to be above $22 bln — Novatek CEO

It is noted that power plants are required because we shifted to electric actuators

ST. PETERSBURG, June 20. /TASS/. Capital investments of Novatek in the Arctic LNG 2 project will be above $22 bln because of the changeover to electric actuators, CEO of the Russian gas producer Leonid Mikhelson told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

"Capital investments will be above $22 bn. Power plants are required because we shifted to electric actuators. This makes the project more costly. Nevertheless, operating expenses will be smaller on the other part, because gas turbines require ongoing maintenance and the electric motor does not need it," the chief executive said.

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Novatek LNG SPIEF-2023

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